China-based Midea Group eyes acquiring Zanussi brand in Egypt

The Chinese electrical appliance manufacturer Midea Group is considering acquiring the Swedish appliances manufacturer Electrolux Group’s Zanussi brand and its assets in Egypt, Al Shorouk reported, citing a source familiar with the matter.

On July 20th, Electrolux Group announced that it seeks to sell its brand name Zanussi and other assets in Egypt over the coming period.

The Swedish group aims to sell its assets in Egypt due to the current global financial issues facing it, the source noted.

The source added that Electrolux is currently evaluating several acquisition offers, including Zanussi.

The deal is expected to be executed by the fourth quarter (Q4) of this year, the source said, stressing that Zanussi’s sales, maintenance, and technical support operations in Egypt would not be affected.